Export Credit and Foreign Investments Insurance Act, 1957 (Act No. 78 of 1957)10. Offences and penalties |
| (1) | Any person who wilfully makes a false or misleading statement in or in connection with a policy of insurance shall be guilty of an offence and liable on conviction to a fine or to imprisonment for a period not exceeding one year, or to both such fine and such imprisonment. |
[Sub-section (1) substituted by section 8 of Act 9 of 2001.]
| (2) | Whenever any person is convicted of an offence under this Act, he or she shall forfeit all rights under the policy of insurance in respect of which such offence was committed and the court so convicting him may summarily enquire into and assess the monetary equivalent of any advantage which he or she may have gained in consequence of that offence, and may, in addition to any other penalty imposed in respect of that offence, impose upon him a fine equal to the amount so assessed and, in default of payment thereof, imprisonment for a period not exceeding six months. |
| (3) | A magistrate's court shall have jurisdiction to impose such additional penalty as is contemplated in subsection (2), even though such penalty may, either alone or together with any other penalty imposed by that court, exceed the punitive jurisdiction of a magistrate's court. |